Question

Liability to be first paid during dissolution

Answer 1

Answer:

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Explanation:

In case of dissolution of firm which liabilities are to be paid first? The proceeds from the sale of assets along with the contribution of the partners at the time of dissolution of the firm are first used up to pay off the external liabilities, i.e., the creditors, bank loans, bank overdrafts, bills payable etc.

Answer 2

Answer:

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Explanation:

In case of dissolution of firm which liabilities are to be paid first? The proceeds from the sale of assets along with the contribution of the partners at the time of dissolution of the firm are first used up to pay off the external liabilities, i.e., the creditors, bank loans, bank overdrafts, bills payable etc

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